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After 2 days of negotiation, G20 finance ministers agree that "the FSB is examining the financial stability implications of climate change." At the G20 Energy Ministerial in Argentina, we did no work on energy, just discussed the communiqué. US leadership.
uk.mobile.reuters.com/article/amp/id…
uk.mobile.reuters.com/article/amp/id…
Since you ask, I suspect the Financial Stability Board will conclude climate change poses little systemic financial risk. 1) Per IMF, an individual climate disaster may wipe 0.4% off GDP growth for the countries affected for one year. Globally modest compared to Coronavirus.
2) The catastrophic physical risks - multiple disasters in one year, disasters that span whole continents are not likely for several (or many) decades. I know that's not the @ExtinctionR line, but it's what the @IPCC_CH says and it's also my reading of the science.
Happy holidays everyone! I wish you much joy over the holidays, and some wonderful time with your families. The news can be pretty bleak, but there is much to be (guardedly) optimistic about as we enter the new decade. If you have a moment, read on...
about.bnef.com/blog/peak-emis…
about.bnef.com/blog/peak-emis…
Peak emissions are closer than you think. The new decade will be, to paraphrase Winston Churchill, a decade of consequences. Play it right, and we have a chance of avoiding the worst impacts of climate change. Waste it, and we are in uncharted territory. about.bnef.com/blog/peak-emis…
Just to be clear, we will not see the sort of emissions decline by 2030 demanded by the Intergovernmental Panel on Climate Change – a 20% cut by 2030 to keep temperature rises to 2C, 45% cut to remain under 1.5C – but I would guess at a drop of around 5%.
about.bnef.com/blog/peak-emis…
about.bnef.com/blog/peak-emis…
